Earnings Call Transcripts
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All Earnings Calls
Millrose Properties Q3 2025 Earnings Call - $2B Bond Raise and $1.6B Liquidity Power Rapid Deployment
Millrose says Q3 was about scale and liquidity. The company recycled home site sales into new deployments, closing $852 million of net proceeds (including $766 million from LENR), while redeploying ca...
- Millrose raised $2.0 billion of senior notes in Q3, issuing $1.25 billion of 6.375% notes due 2030 and $750 million of 6.25% notes due 2032, replacing short-term bridge funding and reducing near-term refinancing risk.
- Post-transaction liquidity is approximately $1.6 billion, comprised of cash and undrawn revolver capacity (revolver size cited at $1.3 billion), which management says is earmarked largely for new third-party deployments.
- Net cash proceeds from home site sales were $852 million in the quarter, including $766 million related to LENR; Millrose redeployed $858 million with LENR and funded $770 million outside the LENR Master Program Agreement.
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Ladder Capital Corp Q3 2025 Earnings Call - Investment-grade bond tightens funding and fuels accelerated loan originations
Ladder delivered a compact but consequential quarter: distributable earnings of $32.1 million, a return on equity of 8.3%, and a material inflection in originations. The company closed a $500 million ...
- Distributable earnings were $32.1 million, or $0.25 per share, with return on average equity of 8.3% in Q3 2025.
- Loan originations accelerated to $511 million across 17 transactions in Q3, the highest quarterly origination volume in over three years, at a weighted average spread of 279 basis points.
- Loan portfolio grew by approximately $354 million in the quarter to $1.9 billion, now representing 40% of total assets. Year to date originations exceed $1 billion with about $500 million under application.
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Helix Energy Solutions Group Q3 2025 Earnings Call - Robotics and Brazil Drive Best Quarter Since 2014, But Q4000 and UK Softness Persist
Helix delivered a surprise quarter, posting its strongest quarterly EBITDA since 2014 as robotics and Brazil operations offset weakness in the UK North Sea and schedule gaps on the Q4000. Revenue was ...
- Q3 topline $377 million, gross profit $66 million, net income $22 million, versus Q2 revenue $302 million, gross profit $15 million and net loss $3 million.
- Adjusted EBITDA of $104 million in Q3, the highest quarterly result since 2014, with YTD adjusted EBITDA of $198 million.
- Positive operating cash flow of $24 million and free cash flow of $23 million in Q3, management expects meaningful FCF in Q4.
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Origin Bancorp Third Quarter 2025 Earnings Call - Conservative $28.4M Charge Off for Tricolore, Management Calls It Isolated but Uncertain Recoveries
Origin Bancorp closed Q3 with a headline shock, writing off $28.4 million tied to alleged fraud at Tricolore and taking total Q3 net charge offs to $31.4 million. Management labeled the charge off con...
- Origin charged off the entire Tricolore relationship: $28.4 million charged off plus $1.5 million fully reserved for unfunded letters of credit; total Q3 net charge offs were $31.4 million (including $3.0 million unrelated).
- Management calls the Tricolore loss conservative, expects some recoveries via collections, insurance and legal remedies, but cannot quantify timing or magnitude today.
- Excluding notable items, pretax pre-provision ROA improved 48 basis points to 1.63% versus the 2024 baseline, a core metric management highlights as Optimize Origin progress.
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Dover Corporation Third Quarter 2025 Earnings Call - Record margins, bookings momentum, and bigger 2025 EPS target
Dover delivered a tidy quarter that looked and sounded like a company finally harvesting years of repositioning. Revenue rose 5% and orders showed durable momentum, yet the real headline was margin ex...
- Revenue grew 5% in Q3 2025, driven by short-cycle components, secular growth end markets, and contributions from recent acquisitions.
- Q3 consolidated adjusted EBITDA margin hit a record 26.1%, up 170 basis points year over year, with all five segments posting margin improvement.
- Adjusted EPS rose 15% in the quarter and is up 17% year to date; full-year adjusted EPS guidance was increased from $9.35–$9.55 to $9.50–$9.60.
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Blackstone Q3 2025 Earnings Call - Record $1.24T AUM and Fundraising Surge Fuel FRE and Realizations
Blackstone reported a strong Q3: GAAP net income $1.2B, distributable earnings $1.9B ($1.52/share), and a $1.29/share dividend. Inflows totaled $54B in the quarter ($225B LTM), lifting AUM to a record...
- Top-line results: GAAP net income $1.2B; distributable earnings $1.9B ($1.52/share); declared dividend $1.29/share.
- Fundraising surge: $54B of inflows in Q3, $225B over the last 12 months, driving record AUM of $1.242T and fee-earning AUM of $906B.
- Fee power: Management fees reached $2.0B (up 14% YoY); total fee revenues $2.5B; fee-related earnings up 26% YoY to $1.5B.
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Visteon Q3 2025 Earnings Call - Strong margins, cash generation and $7B+ in new business wins despite China and BMS headwinds
Visteon reported a mixed quarter, with Q3 sales of $917 million, adjusted EBITDA of $119 million (13% margin), and adjusted free cash flow of $110 million. Management is keeping full year guidance int...
- Q3 sales $917 million, down 6% year over year, with the quarter impacted by a full-month JLR production shutdown that reduced sales by about $12 million.
- Adjusted EBITDA was $119 million, a 13% margin, up 90 basis points year over year after benefiting from product costing, productivity and about $5 million of one-time items in the quarter.
- Adjusted free cash flow for Q3 was $110 million, and adjusted free cash flow through the first three quarters totaled $215 million, with EBITDA to cash conversion at a 56% rate (excluding working capital inflow).
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World Acceptance Corporation Q2 FY2026 Earnings Call - New customer originations back to pre-COVID levels, driving growth with maintained credit quality
World Acceptance reported a quarter punctuated by one-offs and aggressive growth. Three discrete charges and a front-loaded long-term incentive expense produced a GAAP hit, but the underlying business...
- New-customer origination volume rose about 40% year over year in Q2 and is up roughly 35% year to date, returning to pre-COVID (FY2019/2020) levels.
- The new-customer portfolio at quarter end is 35% larger year over year, and first-payment default rates for these originations are in line with FY2019/2020 vintages.
- Aggregate non-refinance originations increased 15% year over year in Q2, the highest Q2 origination volume on record except for FY2022; first half loan volume is up 14% year to date.
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First Citizens BancShares Q3 2025 Earnings Call - SVB Commercial Spurs Growth, But Credit Lumpiness and Rate Risk Keep Management Guarded
First Citizens posted a strong quarter on headline metrics, driven by SVB Commercial’s global fund banking and broad deposit inflows, but management was explicitly cautious about credit volatility and...
- Adjusted EPS $44.62; adjusted net income $587 million; adjusted ROE 10.62% and adjusted ROA 1.01% for Q3 2025.
- Quarterly loans rose $3.5 billion, up 2.5% sequentially, led by SVB Commercial global fund banking which increased $2.9 billion (around 10% sequential growth).
- Global fund banking pipeline remains sizable at approximately $10 billion, but management expects utilization volatility and is cautious about sustaining Q3 levels into Q4.
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FTI Consulting Third Quarter 2025 Earnings Call - Record quarter powered by Corporate Finance & Restructuring, Forensic & Litigation and StratCom, while Economic Consulting and Technology reset costs
FTI reported a spectacular Q3 2025, with revenue of $956.2 million and EPS of $2.60, driven by blowout performance in Corporate Finance & Restructuring, Forensic & Litigation Consulting, and Strategic...
- Q3 revenue $956.2 million, up 3.3% year over year, EPS $2.60, up 41% YoY.
- Management called the quarter "spectacular," attributing results to long-term bets on talent and capabilities across businesses.
- Corporate Finance & Restructuring delivered $404.9 million, up 18.6% YoY, with adjusted segment EBITDA of $96.4 million or 23.8% of segment revenue.
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